Air Lease Corp (AL.N) announced on Monday that it had received $328.5 million in cash as part of insurance settlements. These settlements relate to the company’s aircraft that were blocked from leaving Russia after the country’s invasion of Ukraine.
Before the invasion in early 2022, Russia represented a crucial market for aircraft lessors. These lessors purchased jets from Boeing (BA.N) and Airbus (AIR.PA), subsequently leasing them to Russian airlines. Following Western sanctions, lessors terminated these leases. However, Moscow refused to return the aircraft, effectively detaining them.
Since then, lessors have been seeking to recover losses on the stranded jets through their insurers. Air Lease stated in a regulatory filing on Monday that it has recovered approximately $424.3 million of its initial $791.0 million claim to date. The leasing firm continues settlement discussions with other insurers.
